GenAI Startup InsurStaq.ai Shuts Down After a Year of Operations [Video]

In an unfortunate turn of events, Mayan Kansal, founder of InsurStaq.ai, recently announced that he is closing down the company through a linkedin post, citing key challenges as the reason for this closure. InsurStaq.ai built GenAI applications for the insurance world. 

“We set out to revolutionize GenAI applications for the insurance world and, along the way, built cutting-edge products, achieved enterprise-ready compliance and were recognized as one of the hottest AI startups by media houses and VCs alike,” said the founder in a linkedin post. 

Founded in 2022, by Shivam Kaushik and Mayan Kansal, former engineers, the AI startup built InsurGPT, a specialised Large Language Model (LLM) for the insurance industry. Last year, it received investment from Faad Network , an early stage fund, part of Faad Accelarator Labs’ ‘FinShastra’ . 

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